Tom Lee Signals Pause as Bitmine Nears 5% ETH Target After 125K Buy

Bitmine, chaired by Tom Lee, completed a three-day accumulation of 125,000 ETH worth roughly $206 million, lifting holdings to 5.54 million ETH or 4.59% of supply. The spree occurred as ETH fell toward $1,600, extending its decline of over 65% from the August 2025 peak. On-chain data confirmed purchases routed through Kraken, FalconX, and BitGo, financed partly by preferred stock offerings. Lee then hinted the firm may slow buying once it reaches its 5% target, potentially removing a key source of institutional demand. Spot ETH ETFs recorded mixed flows while staking revenue from Bitmine's holdings continues to generate over $230 million annually.